Commentary The global recovery has slowed down significantly since the peak of the re-opening effect in June 2021. What many expected would be a multi-year cycle of above-trend growth is proving to be a more modest bounce. Furthermore, according to Bloomberg Economics, the global economy will likely grow in the next 10 years at a slower pace than in the decade prior to the pandemic. The causes of the slowdown are clear. On one hand, China’s real estate bubble is a larger problem than anticipated, and there’s no way in which the Chinese authorities can engineer higher growth from other sectors to offset real estate, which accounts for almost 30 percent of the country’s GDP and was growing at double-digit rates in the past years. Additionally, inflation is rising all over the world due to a combination of excessive monetary policy and supply chain challenges brought by the lockdowns. Global …